Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index surged yet higher, notching a brand new all-time high at 1273.62 before closing at 1264.74 with a gain of 11.5 points.
RSI added a point to close at 71. MACD turned up and closed at -0.17 nearing break even. Both slow and fast lines remain above the key 10-level.
Support now sits at 1260 and 1250. Resistance is at 1270 and 1280.
Last week's analysis was proven correct when I suggested that the INK CIN appeared to be recharging its energy ahead of the rally that played out last week. What's next? So long as we see 1250-60 support hold in the next few days, I think we could see another big up-leg in the next week to 10 days.
Specifically, should we see the Index's fast and slow MACD lines break above 15 (the level capping them at present), it would indicate a significant momentum change that could launch the INK CIN on a truly volcanic rally to 1300 or higher.
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